Peapack Gladstone Financial Corp lifted its stake in shares of SYSCO Co. (NYSE:SYY) by 4.3% during the second quarter, HoldingsChannel reports. The firm owned 242,517 shares of the company’s stock after acquiring an additional 10,032 shares during the period. Peapack Gladstone Financial Corp’s holdings in SYSCO were worth $16,562,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Trian Fund Management L.P. raised its position in SYSCO by 0.8% in the first quarter. Trian Fund Management L.P. now owns 44,840,642 shares of the company’s stock worth $2,688,645,000 after acquiring an additional 341,590 shares in the last quarter. BlackRock Inc. raised its position in SYSCO by 0.4% in the first quarter. BlackRock Inc. now owns 32,440,586 shares of the company’s stock worth $1,945,140,000 after acquiring an additional 142,047 shares in the last quarter. American Century Companies Inc. raised its position in SYSCO by 1.7% in the first quarter. American Century Companies Inc. now owns 6,692,093 shares of the company’s stock worth $401,258,000 after acquiring an additional 113,917 shares in the last quarter. Bank of Montreal Can raised its position in SYSCO by 14.9% in the second quarter. Bank of Montreal Can now owns 4,552,341 shares of the company’s stock worth $310,878,000 after acquiring an additional 590,410 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in SYSCO by 2.1% in the second quarter. Victory Capital Management Inc. now owns 4,131,297 shares of the company’s stock worth $282,126,000 after acquiring an additional 86,450 shares in the last quarter. Institutional investors and hedge funds own 78.72% of the company’s stock.
Several equities research analysts have commented on the stock. Morgan Stanley boosted their price target on shares of SYSCO from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 14th. Pivotal Research boosted their price objective on SYSCO from $58.00 to $62.00 and gave the stock a “sell” rating in a report on Saturday. Loop Capital boosted their price objective on SYSCO to $80.00 and gave the stock a “buy” rating in a report on Tuesday, August 14th. Argus boosted their price objective on SYSCO from $67.00 to $86.00 and gave the stock a “buy” rating in a report on Thursday, August 16th. Finally, BMO Capital Markets boosted their price objective on SYSCO from $74.00 to $81.00 and gave the stock an “outperform” rating in a report on Tuesday, August 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $72.42.
In related news, SVP Brian R. Todd sold 9,147 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $73.82, for a total value of $675,231.54. Following the completion of the sale, the senior vice president now owns 11,747 shares of the company’s stock, valued at approximately $867,163.54. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Joel T. Grade sold 17,438 shares of the business’s stock in a transaction that occurred on Friday, June 29th. The shares were sold at an average price of $68.36, for a total value of $1,192,061.68. Following the completion of the sale, the chief financial officer now directly owns 56,867 shares of the company’s stock, valued at approximately $3,887,428.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,133,781 shares of company stock worth $207,428,536. Company insiders own 9.60% of the company’s stock.
NYSE:SYY opened at $74.37 on Wednesday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.74 and a current ratio of 1.21. SYSCO Co. has a fifty-two week low of $51.17 and a fifty-two week high of $75.33. The stock has a market cap of $38.99 billion, a price-to-earnings ratio of 23.68, a price-to-earnings-growth ratio of 2.04 and a beta of 0.56.
SYSCO (NYSE:SYY) last released its earnings results on Monday, August 13th. The company reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.01. SYSCO had a return on equity of 68.15% and a net margin of 2.44%. The company had revenue of $15.32 billion for the quarter, compared to analysts’ expectations of $15.30 billion. During the same quarter in the previous year, the business posted $0.72 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. equities analysts forecast that SYSCO Co. will post 3.47 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 26th. Shareholders of record on Friday, October 5th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $1.44 annualized dividend and a yield of 1.94%. SYSCO’s dividend payout ratio (DPR) is presently 45.86%.
SYSCO Company Profile
Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry in the United States, Canada, Bahamas, Mexico, Costa Rica, Panama, the United Kingdom, France, Sweden, Ireland, Belgium, Spain, and Luxembourg.
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